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DECISION No

DECISION No. 1092/2002/QD-NHNN OF OCTOBER 8, 2002 ISSUING THE REGULATION ON THE PROCEDURES FOR PAYMENT THROUGH PAYMENT SERVICE-PROVIDING ORGANIZATIONS

THE GOVERNOR OF THE STATE BANK

Pursuant to Vietnam State Bank Law No. 01/1997/QH10 and Credit Institutions Law No. 02/1997/QH10 of December 12, 1997;

Pursuant to the Government�s Decree No. 15/CP of March 2, 1993 on the tasks, powers and State management responsibilities of the ministries and ministerial-level agencies;

Pursuant to the Government�s Decree No. 64/2001/ND-CP of September 20, 2001 on activities of payment through payment service-providing organizations;

Pursuant to the Prime Minister�s Decision No. 44/2002/QD-TTg of March 21, 2002 on the use of electronic vouchers as accounting vouchers to account and pay capital of payment service-providing organizations;

At the proposal of the director of the Accounting-Finance Department,

DECIDES:

Article 1.- To issue together with this Decision the Regulation on the procedures for payment through payment service-providing organizations.

Article 2.- This Decision takes effect 15 days after its signing and replaces Parts II and III of the State Bank�s Circular No. 08/TT-NH2 of June 2, 1994 guiding the implementation of non-cash payment regulations.

Article 3.- The director of the Office, the director of the Accounting-Finance Department and the heads of the concerned units of the State Bank of Vietnam, the directors of the State Bank�s branches in the provinces and centrally-run cities, the chairmen of the Managing Boards and general directors (directors) of payment service-providing organizations shall have to implement this Decision

For the Governor of the State Bank

Deputy Governor
VU THI LIEN

REGULATION ON THE PROCEDURES FOR PAYMENT THROUGH PAYMENT SERVICE-PROVIDING ORGANIZATIONS

(Issued together with the State Bank Governor�s Decision No. 1092/2002/QD-NHNN of October 8, 2002)

Part I

GENERAL PROVISIONS

Article 1.- This Regulation on the procedures for payment through payment service-providing organizations prescribes the order of making, control, circulation and processing of vouchers as well as accounting of domestic payment transactions through payment service-providing organizations conducting business activities in Vietnam.

Article 2.- When making payment through payment service-providing organizations, the payment service users (hereinafter referred to as customers) must comply with the regulations and guidance of payment service-providing organizations on the making of payment vouchers, procedures for payment and receipt of money at payment service-providing organizations.

Article 3.- Payment service-providing organizations (hereinafter referred to as banks) must control customers� payment vouchers before accounting and making payments, ensuring that vouchers are made according to regulations, stamps (if stamp specimens are registered) and signatures on payment vouchers are exactly the same as the specimens already registered at the banks (if signatures are hand-written) or as the electronic signatures already granted by the banks (for electronic signatures); and that customers� payment capabilities are sufficient to pay the money amounts recorded on vouchers.

For valid payment vouchers, which are secured with payment capability, the banks shall have to process them accurately, safely and conveniently; use book-keeping accounts for accounting payment transactions and keep secret the balances on customers� deposit accounts according to the provisions of law. When accounting transactions arise in the customers� deposit accounts, the banks shall have to send fully and in time Debit or Credit notices and, at the end of each month, send copies of deposit account books or deposit account balance notices to the account holders.

The banks shall be entitled to refuse to pay for payment vouchers that are invalid, not secured with payment capability and, at the same time, shall not be responsible for relevant contents of the two customers� sides.

Article 4.- Depending on their reciprocal trading or service provision transactions, customers may select one of the following payment services:

- Payment by payment order (or accreditative payment);

- Payment by check;

- Payment by collection or money order;

- Payment by bank card;

- Payment by letter of credit;

- Other domestic payment services prescribed by law.

Part II

PROCEDURES FOR EFFECTING PAYMENT TRANSACTIONS

Article 5.- Payment by payment order or accreditative payment (hereinafter referred to as payment orders)

1. Procedures for making payment orders

Payers shall make and send payment orders to the banks serving them (where they open accounts) to deduct money from their deposit accounts for payment to the payees:

- If payment orders take the form of paper voucher, the payers must make them according to set forms and with sufficient number of copies as prescribed by the banks serving the payers. On payment orders, all elements must be inscribed fully, clearly and precisely, ensuring consistency of all copies; all copies of payment orders must be signed and stamped (if seals are available). The banks serving the payers shall have to guide their customers to make and process payment orders at their units, ensuring compliance with current regulations of the State Bank.

- If payment orders take the form of electronic voucher, they must satisfy data standards prescribed by the banks serving the payers and comply with the provisions in the Regulation on making, use, control, processing, preservation and archival of electronic vouchers of banks and credit institutions, issued by the State Bank Governor.

2. Procedures for paying payment orders

a/ At the banks serving the payers:

* Control of vouchers: Upon receiving payment orders of the payers, the banks must control them closely, ensuring the legality of professional operations and the validity of vouchers. Specifically, they must:

l If payment orders are made in the form of paper voucher:

- Control the validity and legality of payment orders;

- Compare and check the balance in the payer�s deposit account so as to ensure his/her sufficient payment capability.

l If payment orders are made in the form of electronic voucher:

- Control the information techniques: Identification codes on vouchers must be identical with the prescribed codes; secret codes on vouchers must be identical with prescribed ones; The filenames must be made with the right name and information as prescribed, ensuring that information contents on vouchers must not be overlapping; vouchers� contents are valid.

- Control the professional contents: Check electronic signatures, secret signs and password keys on payment orders; check the account names and indentification numbers, the capability to pay the amounts recorded on vouchers; check the existence and forms of a number of compulsory sections of vouchers.

If payment orders are not valid or not secured with payment capability, the banks shall immediately return them to the submitters. If they are valid and secured with payment capability, the banks shall record the accounting dates, account numbers and sign according to regulations.

* Processing of vouchers and accounting

- Where the payers and payees open accounts at the same bank:

l Processing of vouchers:

- If payment orders are made in the form of paper voucher, the following shall be complied with:

+ One copy of payment order shall be used as voucher to record Debit in the payer�s account and Credit in the payee�s account.

+ One copy of payment order shall be used as Debit notice to be sent to the payer.

+ One copy of payment order shall be used as Credit notice to be sent to the payee.

On the Credit as well as Debit notices sent to their customers, the banks must affix their stamps on the prescribed places (above the bank�s signature).

- If payment orders are made in the form of electronic voucher, the following must be complied with: Print (convert) the payer�s payment order sent (transmitted) in the form of electronic voucher on paper to serve the control, accounting and archival steps according to regulations, then use them as Debit and Credit notices to customers.

l Accounting: On the basis of the payers� payment orders, the banks shall record:

Debit in the payer�s account

Credit in the payee�s account.

and send Debit notices to the payers and Credit notices to the payees.

- Where the payees open accounts at other banks:

. Processing of vouchers:

- If payment orders are made in the form of paper voucher, the following shall be complied with:

+ One copy of payment order shall be used as voucher to record Debit in the payer�s account.

+ One copy of payment order shall be used as Debit notice to be sent to the payer.

+ Two copies of payment order shall be used as basis for making payment vouchers for the banks serving the payees for payment to the payees.

- If payment orders are made in the form of electronic voucher, the following must be complied with: Print (convert) the payer�s payment order sent (transmitted) in the form of electronic voucher on paper to serve the control, accounting and archival steps according to regulations, then use them as Debit notices to customers.

l Accounting: On the basis of the payers� payment orders, the banks shall record:

Debit in the payer�s account

Credit in an appropriate account (for inter-bank amounts to be sent this year, transfer of money this year�)

then send Debit notices to the payers.

The banks serving the payers shall base themselves on the customers� payment orders (in paper or electronic form) to make payment vouchers for the banks serving the payees in the following cases:

- Make vouchers for clearing payment with the banks participating in clearing payment in the same provinces or cities so that such banks shall record Credit in the payees� accounts or further transmit through electronic payment (or inter-bank payment) with the banks in the same system (where the payees open accounts) so as to record Credit in the payees� accounts).

- Make electronic payment vouchers (or inter-bank payment) with the banks in the same system so that the such banks shall record Credit in the payees� accounts or effect clearing payment with the banks serving the payees so as to record Credit in the payees� accounts.

- Make vouchers of payment through the State Bank based in the localities so as to record Credit in the payees� accounts or transfer money to the State Bank�s branches in other provinces or cities to record Credit in the payees� accounts.

b/ At the banks serving the payees

Upon receiving the above-said payment vouchers sent by the banks serving the payers, after controlling them and seeing that payment conditions are fully satisfied, the banks serving the payees shall:

l Processing of vouchers:

- If receiving payment vouchers in the form of paper voucher, after controlling them, if seeing that no error is made: Record the date of making entry in the books, the serial numbers of accounts Debit, Credit, sign on the vouchers used as vouchers to record Credit in the payees� accounts, then send Credit notices to the payees.

- If receiving payment vouchers in the electronic form, after controlling them and seeing that no error is made: Process vouchers according to current regulations (print money transfer orders in the electronic form on paper, sign on the printed money transfer orders, account, archive and use them as Credit notices to be sent to the payees according to regulations).

l Accounting: On the basis of come-in money transfer vouchers (payment orders, Credit transfer orders�), the banks serving the payees shall record:

Debit in an appropriate account (for inter-bank amounts to come this year, transfer of money amounts this year�)

Credit in the customer�s deposit account (or another appropriate account)

then send Credit notices to the payees.

Where the payees have no deposit accounts, the banks serving the payees shall record Credit in the accounts payable to the customers and notify the payees to come to receive money. The payees must produce their people�s identity cards or passports to fill in the procedures for receiving money.

Article 6.- Payment by collection or money order (hereinafter referred to as money order)

1. Procedures for making money orders

The payees shall place money orders together with goods delivery or service provision invoices or documents and submit them to the banks serving them or serving the payers.

The form of money order, the number of copies of money order, the procedures for making, and the mode of handing over and receiving of, money orders between customers and banks shall be prescribed by the banks accepting money order (from customers), but must ensure that money orders be made, handed over and received, controlled and processed according to the provisions of law.

2. Procedures for payment of money orders

a/ Where the payees and payers open accounts at the same bank:

Upon receiving money orders enclosed with goods delivery or service provision invoices or documents submitted by the payees, the banks must check the validity of the money orders, check the agreement between the payers and the payees on the payment by money order, then, if all conditions are satisfied, record the date of receipt of such documents on all copies of money order and sign for certification of receipt of documents from the customers and:

- Where payers are able to pay, on the basis of the money orders, the banks shall record:

Debit in the payer�s deposit account

Credit in the payee�s deposit account

then send Debit notices to the payers and Credit notices to the payees.

- Where the payers are unable to pay fully the amounts recorded on the money orders, file in dossier the unpaid money orders and report such to the payers and payees, then return the money orders to the payees (if the payees so request) or keep the money orders till the payers are able to pay, then record the date of payment on the money orders and effect payment according to regulations.

b/ Where the payers and payees open accounts at two different banks (of the same system or different systems):

* At the banks serving the payees:

The receipt and control of money orders shall comply with the provisions at Item a, Clause 2 of Article 5 above, then the banks serving the payees shall sign and affix their stamps on the money orders and record in the books of monitoring sent-out money orders (as basis for reference when sent vouchers are missing or late), then send the money orders enclosed with goods delivery or service provision invoices or documents to the banks serving the payers.

- Upon receiving the vouchers on payment of money orders sent by the banks serving the payers, use such vouchers to account:

Debit in an appropriate account (account for inter-bank amounts coming in, deposit account at the State Bank�),

Credit in the payee�s deposit account,

then send Credit notices to the payees.

* At the banks serving the payers:

Upon receiving money orders enclosed with goods delivery or service provision invoices or documents sent by the banks serving the payees or directly paid by the payees, the banks shall check the money order-making procedures and the agreement between the payers and the payees on the payment by money order, check the payers� payment capability, then:

- If payment conditions are satisfied, carry out the procedures to deduct money from the payers� deposit accounts and transfer it to the banks serving the payees for payment to the payees as in the case of payment by payment order prescribed at Item a, Clause 2 of Article 4 above.

- If the payers� deposit accounts are not enough for payment, follow the provisions at Item a, Point 2 of Article 5 above.

Article 7.- Payment by bank card

1. Procedures for issuance and use of bank cards

a/ For customers

In order to use bank cards (hereinafter referred to as cards for short), customers must fill in the procedures for registration of the use of cards and meet all conditions set by the card-issuing banks. After being accepted by the card-issuing banks, the customers must sign card-using contracts with the card-issuing banks.

If customers must escrow money at the banks� request, they shall make payment orders to deduct money from their deposit accounts or deposit cash amounts into the escrow accounts to secure card payment at the card-issuing banks.

b/ For card-issuing banks

Upon receiving the card use requests and relevant papers of the customers, the card-issuing banks shall check, consider and evaluate them, if all conditions for card use are satisfied, they shall carry out procedures to issue cards to the customers (card owners), compile dossiers to monitor issued cards, hand cards over to the card owners and request them to sign for certification of receipt thereof.

2. Card payment procedures

a/ Payment for goods or services to card-accepting units

The acceptance of card payment must be effected in the form of contracts agreed upon between the card-issuing banks or card-paying banks and the card-accepting units.

The card-issuing banks or card-paying banks (organizations providing card payment services) shall have to guide fully the card payment procedures for card-accepting units.

- At the card-accepting units: When card owners produce cards for buying goods or services, the card-accepting units must use special-use machines in combination with experts� naked eyes to:

+ Check the validity and effective duration of cards;

+ Compare the customers� card numbers with the card-issuing bank�s notice on the list of cards declined for payment.

+ Compare the to be-paid amounts with the payment limit prescribed by the payment banks.

+ Check the people�s identity cards or passports of the card holders to see if they are card owners or not (if having any doubt about the card holders).

After checking, if cards meet all conditions for payment, the card-accepting units shall make payment invoices for goods or services, request the card owners to sign on payment invoices, compare the signatures on the invoices with those of the card owners on the cards (if any). Invoices of payment for goods or services shall be made in 3 copies to be used as follows:

+ One copy to be sent together with the card to the card owner;

+ One copy to be kept at the card-accepting unit;

+ One copy to be enclosed with the list of payment invoices (the card-accepting units make at the end of the day or periodically according to the payment agreements with the card-issuing banks or card-paying banks) for sending to the card-paying banks for payment.

- At the card-paying banks: Upon receiving the list enclosed with payment invoices sent by the card-accepting units, after checking that they satisfy all payment conditions, the card-paying banks shall have to make payment immediately to the card-accepting units.

- The payment between the card-issuing banks and the card-paying banks for amounts paid to the card-accepting units shall be effected according to the agreement between these banks, using inter-bank payment methods.

b/ Procedures for receiving cash at card-paying banks

Procedures for receiving cash at card-paying banks shall be prescribed by the card-paying banks

The procedures of payment between the card-paying banks and the card-issuing banks of cash amounts paid to the card users shall comply with the provisions at Item a in Clause 2 above.

c/ Procedures for drawing cash from ATM

The procedures for drawing cash from ATM shall be prescribed by the card-issuing banks or card-paying banks (card payment service-providing organizations).

The card-issuing banks or card-paying banks (card payment service-providing organizations) must guide fully the process of drawing cash from ATM to the card owners.

3. Procedures for changing the card payment limits; extending the card use duration.

a/ Procedures for changing the card payment limits

- After using up their cards� payment limits, if wishing to further use their cards, the card owners shall make written requests to increase their cards� payment limits (according to a form set by the card-issuing banks) and submit them together with their cards to the card-issuing banks. For cards subject to escrow payment, the card owners shall also make payment orders (accreditative payment) to deduct money from their deposit accounts or escrow additional cash amounts into their card payment accounts at the card-issuing banks.

After checking procedural papers and accepting the customers� requests, the card-issuing banks (sections that manage the card issuance) shall insert the customers� cards into special-use machines to record the cards� additional payment limits, then return the cards to the customers.

- Where the card owners wish to withdraw part of the escrowed sum for card payment (for cards subject to escrow payment), they shall make written requests to reduce the card payment limits (according to a form set by the card-issuing banks) and submit them together with their cards to the card-issuing banks.

After checking procedural papers, the existing card payment limit balance and their compatibility with monitoring books, the card-issuing banks (sections that manage the card issuance) shall insert the customers� cards into special-use machines to record the cards� reduced payment limits, then make payment invoices for the withdrawn money amounts. The card owners must sign for certification thereof on the invoices. The card-issuing banks shall use such invoices as vouchers to record Debit in the card payment accounts and Credit in the customers� accounts (which were previously recorded Debit so as to deposit escrows in the card payment accounts), then hand over the cards together with one copy of the invoices to the customers.

b/ Procedures for extending the card use duration

Upon the expiry of their cards, if wishing to further use them, the card owners shall make written requests to extend the card use duration (according to a form set by the card-issuing banks) and send them together with their cards to the card-issuing banks.

After checking procedural papers and accepting the customers� requests, the card-issuing banks (sections that manage the card issuance) shall insert the customers� cards into special-use machines to record the cards� extended use duration, then hand them over to the customers.

Article 8.- Payment with letter of credit

1. Procedures for opening letter of credit

a/ When payers wish to make letter-of-credit payment, they shall make and submit written requests to open letters of credit to the banks serving them. The form of request to open letters of credit, the number of copies of such request, the procedures, mode of handing and receiving and processing requests to open letters of credit shall be prescribed by the banks serving the payers but must be compliant with the regulations on making, control and processing of accounting vouchers of banks and credit institutions, issued by the State Bank Governor.

The payers shall make written registrations of specimen signatures of the persons authorized to receive goods, clearly stating the full names, posts, serial numbers dates and places of issuance of the people�s identity cards of the authorized persons, and containing specimen signatures of the persons authorized to receive goods, payers� signatures and stamps (if any). The persons authorized to receive goods shall submit such written registrations to the banks serving the payees as basis for control and comparison when making payment of letters of credit.

b/ At the banks serving the payers

The banks serving the payers shall accept to open letters of credit for their customers in cases where the payees open their accounts at the banks of the same system. If payees have opened accounts at a bank of a different system, the banks shall accept to open letters of credit only when a bank of the same system operates in the same area and these banks participate in clearing payment with each other.

Upon receiving the customers� written requests to open letters of credit, the banks serving the payers shall:

- Check the procedures for making the requests to open letters of credit, ensuring the legality and validity of documents.

- Sign and affix their stamps on the first two copies of the written requests to open letters of credit.

- Inscribe secret signs on all copies of written requests to open letters of credit.

* Processing of written requests to open letters of credit:

+ One copy of the written request to open the letter of credit shall be used as accounting voucher at the bank serving the payer.

+ One copy of the written request to open the letter of credit shall be used as a Debit notice to be sent to the payer.

+ Two copies of the written request to open the letter of credit shall be sent (by post or converted into the electronic form for transmission via the bank�s computer network) to the bank serving the payee.

+ Accounting: On the basis of the written requests to open letters of credit, record:

Debit in the customer�s deposit account

Credit in the deposit account for opening letters of credit.

2. Procedures for paying letters of credit

a/ For the banks serving the payees

- Upon receiving the requests to open letters of credit (in the paper or electronic form) sent by the banks serving the payers, the banks serving the payees shall check their validity, check secret signs, stamps and signatures (for paper documents) or secret codes and electronic signatures (for electronic documents) of the banks serving the payers, then record the date of receipt, sign and affix the unit�s stamp on the copies of the requests to open letters of credit (for electronic documents, they must be printed out in two paper copies), send one copy to the payee for use as basis for goods delivery, archive one copy and open books to monitor incoming requests to open letters of credit.

- Upon receiving four copies of the list enclosed with goods delivery invoices or documents submitted by the payees, the banks serving the payees shall check the list of goods delivery invoices or documents, compare the signatures of the persons authorized to receive goods with the specimen signatures, check the effective duration of the letters of credit, the amounts the payees request to be paid within the amount limits for which the letters of credit are opened. If these data are correct: they shall

+ Record in the books to monitor incoming letters of credit for which payment has been made.

+ Record the date of payment and the identification numbers of accounts Debit and Credit on two copies of the list of goods delivery invoices or documents for use as accounting vouchers at the banks serving the payees:

l One copy of the list of goods delivery invoices or documents, enclosed with the archived copy of the request to open the letter of credit for use as voucher to record Credit in the payee�s account

l One copy of the list of goods delivery invoices or documents for use as Credit notice to be sent to the payee.

Where the payees open accounts at different banks in the locality, such banks shall base themselves on the lists of goods delivery invoices or documents to make vouchers for clearing payment with the banks serving the payees so as to record Credit in the payees� accounts.

+ On the basis of the list of goods delivery invoices or documents, make Debit transfer orders or inter-bank Debit notices to record Debit in the money transfer account or inter-bank account, then send them to banks serving the payers (Debit transfer order, inter-bank Debit notice enclosed with two copies of the goods delivery invoices or documents) for payment.

b/ For the payees

- After receiving the requests to open letters of credit from the payers sent by the banks serving the payees, the payees must compare them with the goods contracts or orders, control the goods receipt authorization papers and the people�s identity cards of the goods recipients, then, if they are all valid, deliver the goods and request the goods recipients to sign the goods delivery invoices or documents.

- On the basis of goods delivery invoices or documents, the payees shall make four copies of the list thereof (according to a set form) and submit them to the banks serving them for payment of goods sales. On this list the payees must sign and affix the unit�s stamp (if any) and there must be signatures of the goods recipients for certification of the total amounts of money payable to the payees.

c/ For the banks serving the payers

Upon receiving documents on payment of letters of credit (inter-bank Debit notices or Debit transfer orders) from the banks serving the payees, after checking the procedures for making documents and the documents� contents, if they are all correct, the banks serving the payers shall:

- On the basis of the inter-bank Debit notice enclosed with one copy of the list of goods delivery invoices or documents (or the Debit transfer order), record:

Debit in the deposit account for opening letters of credit,

Credit in an appropriate account (for inter-bank amounts coming this year, transfers of money this year�)

- One copy of the list of goods delivery invoices or documents, enclosed with a set of documents used as a Debit notice to be sent to the payer.

Lump-sum payment shall be made for letters of credit. Therefore, after making payment, if there remains money in the deposit account for opening letters of credit, the banks shall make bank transfer bills to close this account, then account:

Debit in the deposit account for opening letters of credit,

Credit in the payer�s deposit account

then send Credit notices to the payers.

Article 9.- Payment by checks

The process of issuance of checks and the procedures for check accounting and payment shall comply with current regulations of the Government and the State Bank.

Article 10.- Collection of negotiable instruments via banks

The process of hand-over, receipt, control, processing and payment of negotiable instruments collected via banks shall comply with current regulations of the State Bank.

Part III

PAYMENT AMONG BANKS

Article 11.- Installment payments through deposit accounts of payment service-providing organizations (banks) opened at the State Bank

1. Where the banks use paper vouchers for payment transactions through the State Bank

a/ At the banks serving the payers (hereinafter referred to as the payer banks for short)

For payments of the banks themselves (being the paying units) the banks shall make and submit payment vouchers to the State Bank where they open accounts for payment according to the provisions in Part II of this Regulation.

For payments of customers, the payer banks shall make lists of vouchers for payments made through the deposit accounts at the State Bank (according to a set form), then submit them together with the customers� payment vouchers to the State Bank. The lists of payment vouchers shall be made separately according to each payee bank and made in 3 copies in cases where the payer banks and payee banks open accounts at the same State Bank unit or 2 copies in cases where the payee banks open accounts at a different State Bank unit.

b/ At the State Bank�s branches that hold deposit accounts of the payer banks

Upon receiving the lists of payment vouchers together with payment vouchers submitted by the payer banks, the State Bank shall check their validity, compare the lists with enclosed vouchers, check the payer banks� payment capability, then:

- If the lists are invalid or the payer banks are unable to pay, return the lists to the payer banks.

- If the lists are valid and the payer banks are able to pay, the State Bank shall effect payment immediately, then process:

* Where the payer banks and payee banks open accounts at the same unit of the State Bank:

+ One copy of the list of payment vouchers as voucher to account:

Debit in the deposit account of the payer bank,

Credit in the deposit account of the payee bank.

+ One copy of the list of payment vouchers as Debit notice to be sent to the payer bank.

+ One copy of the list of payment vouchers as Credit notice enclosed with the customers� payment vouchers to be sent to the payee bank.

* Where the payee banks open accounts at other units of the State Bank:

The State Bank units serving the payers shall base themselves on the vouchers submitted by the payer banks to make Credit transfer orders to transfer money to the State Bank units serving the payees so as to record Credit in the payees� accounts, then account:

Debit in the deposit account of the payer bank,

Credit in an appropriate account (for money amounts to be transferred this year, inter-bank amounts to be transferred this year�),

then send Debit notices to the payer banks.

c/ At the State Bank branches that hold deposit accounts of the payee banks

Upon receiving the money transfer orders, after checking and transferring money according to regulations, the State Bank units serving the payees shall record:

Debit in an appropriate account (money amounts to be transferred this year, inter-bank amounts to be transferred this year�),

Credit in the deposit account of the payee bank

then send Credit notices to the payee banks

d/ At the banks serving the payees: On the basis of Credit notices sent by the State Bank, the banks serving the payees shall re-check them, if they are all valid, record:

Debit in the deposit account at the State Bank,

Credit in the payee�s account,

then send Credit notices to the payees.

2. Cases where banks use electronic vouchers for payment transactions via the State Bank

a/ If making electronic payments via the State Bank, the banks must register and reach agreement with the State Bank on the use of electronic vouchers and signatures granted by the State Bank for use in inter-bank electronic payment according to current regulations.

- Payment orders (Debit transfer orders, Credit transfer orders�) and the lists used in inter-bank electronic payment must be used according to the form set by the State Bank.

- Electronic vouchers must be duly made with precise elements and bear all electronic signatures of the approvers of the use of money in the accounts (general directors, directors or authorized persons) and electronic signatures of the controllers (chief accountants, heads of accounting sections or authorized persons).

Electronic vouchers must be printed out on paper. In case of necessity, once printed out, the paper vouchers must show the names and personal signs of the responsible persons who have signed electronic vouchers and those who have effected the payment.

b/ Technical and professional processes of electronic payment via the State Bank (electronic money transfer�) shall comply with current regulations.

Article 12.- Clearing payment among banks

1. Clearing payment among banks within (or without) the territories of provinces or cities shall fall under the prime responsibility of the State Bank:

The clearing payment among the banks under the prime responsibility of the State Bank shall comply with current regulatory documents of the State Bank.

2. Direct clearing payment between two or more banks in the same district or provincial capitals where exist no branches of the State Bank:

The banks in the locality shall select one among them to assume the prime responsibility and other banks as member banks. The member banks must open deposit accounts at the bank with the prime responsibility for making clearing payment. The clearing payment shall comply with the provisions at Point 1 above.

Article 13.- Repayment for collection or payment for one another among banks

1. Opening deposit accounts at other banks for payment transactions:

The payment through deposit accounts at other banks shall be the same as in the case where banks open deposit accounts at the State Bank.

2. Authorization of collection and payment for one another among banks with payment relations under entrustment contracts:

The collection and payment for one another among banks shall be effected only for payments already agreed upon in the entrustment contracts between the banks. Whenever amounts collected or paid for one another arise, the banks where such amounts arise must send payment vouchers to the concerned banks for book-keeping. At the end of each payment period, the banks must compare data with one another, settle the amounts already collected and paid for one another, and pay any differences to be collected or paid.

Part IV

IMPLEMENTATION PROVISIONS

Article 14.- Basing themselves on this Regulation and the relevant legal documents, the general directors (directors) of payment service-providing organizations shall have to guide and organize the implementation for their attached units and customers.

The director of the Accounting-Finance Department and the chief inspector of the State Bank shall, within the scope of their respective functions and tasks, have to guide and inspect the implementation of this Regulation.

Article 15.- Any amendment and supplement to this Regulation shall be decided by the State Bank Governor.

For the State Bank Governor

Deputy Governor
VU THI LIEN